REGISTERED CHARITY NUMBER: 1182841
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2021
for
The Peel Centre Charitable Trust (CIO)
C J Woodhead & Co Ltd 158 Hemper Lane Greenhill Sheffield South Yorkshire S8 7FE
The Peel Centre Charitable Trust (CIO)
Contents of the Financial Statements for the Year Ended 31 December 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 12 |
| Detailed Statement of Financial Activities | 13 to 14 |
The Peel Centre Charitable Trust (CIO)
Report of the Trustees for the Year Ended 31 December 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
To further or benefit the residents of Dronfield and the neighbourhood, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure time occupation with the objective of improving the conditions of life for residents.
In furtherance of these objects but not otherwise, the Trustees shall have power:
To establish or secure the establishment of a community centre and to maintain or manage or co-operate with any statutory authority in the maintenance and management of such a centre for activities promoted by the charity in furtherance of the above objects.
ACHIEVEMENT AND PERFORMANCE
Fundraising activities
The main sources of income are from the letting of rooms at affordable rates to community groups together with donations and legacies.
The Peel Centre was closed in March 2020, due to the Covid-19 Pandemic, and re-opened fully in September 2021. Therefore, the income from lettings were cut during that period and the Trustees were very grateful to receive grants income provided by the Government via North East Derbyshire District Council.
FINANCIAL REVIEW
Investment policy and objectives
Under the constitution, the charity has the power to invest in any way that the Trustees wish but subject to the same conditions as the trustees of a trust are permitted to do by the Trustee Act 2000.
The trustees operate a deposit account, which interacts with the current account whilst producing an interest return on the surplus funds.
Reserves policy
The trustees have established the level of reserves that the charity ought to have. Reserves are needed to bridge funding gaps should there be a shortfall in lettings.
The trustees consider that the level of reserves required, excluding fixed assets to be £5000. The actual level of reserves at 31st December 2021 was £305,649 (2020 - £285,072).
Page 1
The Peel Centre Charitable Trust (CIO)
Report of the Trustees for the Year Ended 31 December 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Peel Centre is a charitable incorporated organisation governed by its constitution dated 5th April 2019. It is registered as a charity with the Charities Commission. Membership of the CIO must be approved by the Board of Trustees.
The members of the CIO shall be its charity trustees for the time being. The only persons eligible to be members of the CIO are its charity trustees. Membership of the CIO cannot be transfered to anyone else.
Any member and charity trustee who ceases to be a charity trustee automatically ceases to be a member of the CIO.
Recruitment and appointment of new trustees
As set out in the constitution the trustees shall be subject to a maximum of twelve trustees and shall not be less than three trustees.The only persons eligible to be members of the CIO are its charity trustees.
Organisational structure
The Board of Trustees administers the Charity. The Board meets monthly.
Induction and training of new trustees
New trustees are briefed on their legal obligations under charity and company law, the content of the constitution, the committee and the recent financial performance of the charity.
Related parties
The charity has a close relationship with The Dronfield Heritage Trust, an organisation responsible for maintaining, promoting and utilising an historic barn which is situated close to the Peel Centre.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1182841
Principal address
High Street Dronfield Derbyshire S18 1PY
Trustees
Mrs D Smillie B Simpson Miss C Vaughan Miss J Ward M Baker (appointed 16.11.21)
Independent Examiner
C J Woodhead & Co Ltd 158 Hemper Lane Greenhill Sheffield South Yorkshire S8 7FE
Page 2
The Peel Centre Charitae Twsl ICIOI ReFQrt of the Trustees for the Year Ended 31 Dember 2021 COMMENCEMENT OF ACTMTIES The CIO commenced its actwilies on 01107119. Approved by order of the board of trustees on ..11 ..aa**W....20.2Land signed on its behalf by.. Trustee Page 3
Independent Examiner's Report to the Trustees of The Peel Centre Charitable Trust (CIO)
Independent examiner's report to the trustees of The Peel Centre Charitable Trust (CIO)
I report to the charity trustees on my examination of the accounts of The Peel Centre Charitable Trust (CIO) (the Trust) for the year ended 31 December 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Christopher John Woodhead C J Woodhead & Co Ltd 158 Hemper Lane Greenhill Sheffield South Yorkshire S8 7FE
Date: .............................................
Page 4
The Peel Centre Charitable Trust (CIO)
Statement of Financial Activities for the Year Ended 31 December 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Other income Total EXPENDITURE ON Other NET INCOME/(EXPENDITURE) Other recognised gains/(losses) Gains on revaluation of fixed assets Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 13,849 16,335 30,184 23,357 6,827 13,750 20,577 285,072 305,649 |
Restricted fund £ - - - - - - - - - |
31.12.21 Total funds £ 13,849 16,335 30,184 23,357 6,827 13,750 20,577 285,072 305,649 |
31.12.20 Total funds £ 6,401 11,464 17,865 20,433 (2,568) - (2,568) 287,640 285,072 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
The Peel Centre Charitabl8 Tnjst (CIO) Balan Sheet 31 December 2021 31.12.21 Tot81 funds 31.12.20 Totsl fijnds Unrestricted Restricted fund ftjnd FIXED ASSETS Tangible assets 234.906 234.9)8 223,110 CURRENT ASSETS Debtors Cash al ban1( 1,682 71.941 1.682 71,941 1.246 63,545 73,623 73,623 64,791 CREDITORS Amounts falling due wthin oné yoar 12.8821 (2.8821 12,829) NET CURRENT ASSETS 70.741 70.741 61,962 TOTAL ASSETS LESS CURRENT UABILITIES 305.649 305,649 285,072 NET ASSETS 305,649 305,649 285,072 FUNDS Unrestricted fvnds 305,649 285,072 TOTAL FUNDS 305,649 285,072 The financial stslemenls were approved by the Board of Tnthes and authorised for Issue on .Li..aKJd)£r...2K)ZLarKI were signed on ils behalf by.. Trustee The notes form part of these finan¢ial stalements Page 6
The Peel Centre Charitable Trust (CIO)
Notes to the Financial Statements for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance Fixtures and fittings - 20% on reducing balance
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 7
continued...
The Peel Centre Charitable Trust (CIO)
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Gifts | 1 | 2 |
| Donations | 4,000 | 500 |
| Lettings | 9,848 | 5,899 |
| 13,849 | 6,401 |
The donation of £4,000 relates to an amount advanced to Dronfield Heritage Trust in 2009 by the Peel Centre Charitable Trust before it became a CIO.
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Some trustees were refunded for small items in the nature of cleaning materials or repairs that they had purchased at their own cost.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Other income Total EXPENDITURE ON Other NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 6,401 11,464 17,865 20,433 (2,568) 287,640 285,072 |
Restricted fund £ - - - - - - - |
Total funds £ 6,401 11,464 17,865 20,433 (2,568) 287,640 285,072 |
|---|---|---|---|
Page 8
continued...
The Peel Centre Charitable Trust (CIO)
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
5. TANGIBLE FIXED ASSETS
| COST OR VALUATION At 1 January 2021 Revaluations At 31 December 2021 DEPRECIATION At 1 January 2021 Charge for year At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
Improvements Freehold to property property £ £ 200,000 11,250 25,000 (11,250) 225,000 - - - - - - - 225,000 - 200,000 11,250 |
Plant and machinery £ 14,572 - 14,572 6,184 1,258 7,442 7,130 8,388 |
Fixtures and fittings £ 6,043 - 6,043 2,571 694 3,265 2,778 3,472 |
Totals £ 231,865 13,750 |
|---|---|---|---|---|
| 245,615 | ||||
| 8,755 1,952 |
||||
| 10,707 | ||||
| 234,908 | ||||
| 223,110 |
Cost or valuation at 31 December 2021 is represented by:
| Fixtures | |||||
|---|---|---|---|---|---|
| Freehold | Plant and | and | |||
| property | machinery | fittings | Totals | ||
| £ | £ | £ | £ | ||
| Valuation in | 2021 | 225,000 | 14,572 | 6,043 | 245,615 |
The Trustees arranged a valuation of the Peel Centre Building on 26th May 2021. The report valued the building at £225,000 (including previous improvements) and revaluations have been made in the accounts to reflect this.
6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.12.21 | 31.12.20 | |
|---|---|---|
| £ | £ | |
| Prepayments and accrued income | 1,682 | 1,246 |
Page 9
continued...
The Peel Centre Charitable Trust (CIO)
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
| 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors 8. MOVEMENT IN FUNDS At 1.1.21 £ Unrestricted funds General fund 285,072 TOTAL FUNDS 285,072 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 30,184 (23,357) TOTAL FUNDS 30,184 (23,357) Comparatives for movement in funds At 1.1.20 £ Unrestricted funds General fund 287,640 TOTAL FUNDS 287,640 |
31.12.21 £ 349 2,533 2,882 Net movement in funds £ 20,577 20,577 Gains and losses £ 13,750 13,750 Net movement in funds £ (2,568) (2,568) |
31.12.20 £ 755 2,074 2,829 At 31.12.21 £ 305,649 305,649 Movement in funds £ 20,577 20,577 At 31.12.20 £ 285,072 285,072 |
|---|---|---|
Page 10
continued...
The Peel Centre Charitable Trust (CIO)
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
8. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 17,865 | (20,433) | (2,568) |
| TOTAL FUNDS | 17,865 | (20,433) | (2,568) |
A current year 12 months and prior year 12 months combined position is as follows:
| At 1.1.20 £ Unrestricted funds General fund 287,640 TOTAL FUNDS 287,640 A current year 12 months and prior year 12 months combined included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 48,049 (43,790) TOTAL FUNDS 48,049 (43,790) |
Net movement At in funds 31.12.21 £ £ 18,009 305,649 18,009 305,649 net movement in fund Gains and Movement losses in funds £ £ 13,750 18,009 13,750 18,009 |
|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
Page 11
continued...
The Peel Centre Charitable Trust (CIO)
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
Page 12
The Peel Centre Charitable Trust (CIO)
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 December 2021 | ||
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Gifts | 1 | 2 |
| Donations | 4,000 | 500 |
| Lettings | 9,848 | 5,899 |
| 13,849 | 6,401 | |
| Other income | ||
| Grant income received | 16,335 | 11,334 |
| Other income | - | 130 |
| 16,335 | 11,464 | |
| Total incoming resources | 30,184 | 17,865 |
| EXPENDITURE | ||
| Support costs | ||
| Management | ||
| Salaries | 3,454 | 2,718 |
| Rates and water | 674 | 684 |
| Insurance | 860 | 767 |
| Light and heat | 1,947 | 2,616 |
| Postage and stationery | - | 29 |
| Sundries | 65 | 17 |
| Repairs & renewals | 2,814 | 1,422 |
| Gardening | 528 | 456 |
| Cleaning & waste disposal | 4,867 | 3,253 |
| Administrative costs | 4,530 | 1,288 |
| Decorating | - | 2,800 |
| Publicity & advertising | - | 175 |
| Donations | - | 50 |
| IT maintenance | 369 | 247 |
| Lecture 2019 | - | 101 |
| Plant and machinery | 1,258 | 2,097 |
| Fixtures and fittings | 694 | 868 |
| 22,060 | 19,588 | |
| Governance costs | ||
| Telephone & broadband | 317 | 395 |
| Carried forward | 317 | 395 |
This page does not form part of the statutory financial statements
Page 13
The Peel Centre Charitable Trust (CIO)
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 December 2021 | ||
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Governance costs | ||
| Brought forward | 317 | 395 |
| Accountancy & professional fees | 980 | 450 |
| 1,297 | 845 | |
| Total resources expended | 23,357 | 20,433 |
| Net income/(expenditure) | 6,827 | (2,568) |
This page does not form part of the statutory financial statements
Page 14